Apple Pay Faces Stricter CFPB Regulations Under New Rule

Benzinga

The CFPB announced that digital payment platforms processing over 50 million transactions annually will face federal supervision 30 days after publication in the Federal Register. Apple Pay is a widely used U.S. digital wallet and meets this threshold. The new rule grants the CFPB authority to examine Apple Pay's compliance with consumer financial laws, including privacy, fraud, and account stability. CFPB oversight previously relied on consumer complaints or violations, but the new regulation enables proactive and ongoing scrutiny akin to traditional banking oversight.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02The CFPB announced that digital payment platforms processing over 50 million transactions annually

00:08will face federal supervision 30 days after publication in the Federal Register.

00:12Apple Pay is a widely used U.S. digital wallet and meets this threshold.

00:16The new rule grants the CFPB authority to examine Apple Pay's compliance with consumer

00:21financial laws, including privacy, fraud, and account stability.

00:26CFPB oversight previously relied on consumer complaints or violations, but the new regulation

00:31enables proactive and ongoing scrutiny akin to traditional banking oversight.

00:34For all things money, visit Benzinga.com slash GSTV.

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